Where the Yields Are

New corporate debt issuance in emerging markets is rising quickly, as investors cast their nets ever wider in search of yield.

Telefonica Colombia had hoped to raise $750 million with its 10-year bond offering in September, but it drew bids of $7.5 billion. Mexican industrial conglomerate Mexichem's (ticker: MEXCHEM*.Mexico) $1.15 billion deal that month drew offers for an almost-unheard-of 15 times the amount of bonds available.